Is Whole Life Insurance Bad?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    The death rate is 100%.  The question then is, “when will it occur?”  Term insurance will provide coverage for a limited period to time.  Whole life insurance will provide the same coverage for the lifetime of the insured.  Unless you die within the period of coverage of the term policy, the whole life policy will always be a superior “buy.”  Unlike the term policy, the whole life policy premium remains constant and the policy develops cash values that can be used for other purposes.  The whole life policy doesn’t increase in cost just at the time that you need it.
    Answered on August 13, 2014
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  2. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Is Whole Life Insurance Bad? Well, it's bad only if you believe that the person telling you this is doing so for your benefit and not to sell you something else. What you have to decide is what ever type of insurance the best choice for your needs. For a long term need, it is really hard to beat a whole life policy. Short term needs, different story.
    Answered on November 11, 2015
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